Paragon grabs Camden Fleet Solutions from administration
04 March 2009
Paragon has bought logistics and remarketing rival Camden Fleet Solutions in a deal with the latter's administrators Zolfo Cooper.
The Camden Group, including CFS, called in administrators last month, blaming the tough trading conditions.
The deal, for an undisclosed sum, sees Paragon take over CFS's sites at Islip and Corby in Northamptonshire, as well as taking on Camden's share in an unnamed joint venture in Livingstone, Scotland.
According to a Paragon spokesman, 370 jobs have been saved. A spokesman for the administrators said last month that CFS employed 600 people, 40 of which were made redundant just prior to administration.
Paragon, which claims to be the UK's largest vehicle processing and captive fleet management firm, specialises in managing both the delivery and disposal channels at either end of a vehicle's fleet life. It was formed in 2005 and currently processes 100,000 vehicles a year.
"We believe that this deal adds significant strength to our existing vehicle processing business, and despite the challenging trading conditions that the industry as a whole is experiencing, we have confidence that our enlarged business can weather the storm," said Paragon managing director Stephen Hucklesby.